Neiman Marcus Group’s struggle to ease its massive debt load has reached a critical stage, compounded by the slowdown in business amid the COVID-19 outbreak.

The luxury retailer is “evaluating all courses of action” to preserve its financial well-being, including a possible bankruptcy, reported WWD. Neiman’ long-term debt load, which is put at $4.46 billion, is primarily a result of the retailer’s 2013 leveraged buyout by Ares Management LLC and the Canada Pension Plan Investment Board.

“Most businesses today are facing some degree of disruption from the unprecedented global economic environment resulting from the COVID-19 pandemic,” a Neiman Marcus Group spokesperson said in the WWD report. “We are evaluating all courses of action to preserve our financial strength so that we may continue serving our customers and associates, and being a great partner to luxury brands globally. Our priority has been and will always be to ensure stability for our associates and brand partners.”

Bloomberg has reported that Neiman’s is considering a possible bankruptcy but that no decision has been made. The spokesperson would not comment on a possible bankruptcy in the WWD report.

Earlier this month, Neiman’s announced that, as part of its four-year “transformation growth plan” it planned to close the majority of its 22 Last Call outlet stores. The retailer said the move will allow it to focus on serving its core high-value luxury customers and free up resources to invest in Neiman Marcus and Bergdorf Goodman.

Neiman Marcus Group operates 43 Neiman’s stores, 22 Last Call outlets and two Bergdorf Goodman stores along with several e-commerce sites and the Horchow direct-to-consumer business.